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Hi, I come from a poor background; my family were refugees who came to the U.S. when I was a teenager, and I didn’t learn much about finance growing up.
I’m 27f, I want to know how much I should contribute to a Roth IRA and should i pay off my loan first before investing in roth ira?
I have about 41k students loan and 4.5k (braces) medical bill.
My employer doesn’t offer a traditional 401(k); instead, they have a 457(b) plan, but I’m not eligible for that yet since I’m new to the job. I also have about $10,000 from my previous employer’s 457(b).
I want to retire in my 60s. Is that possible if I start now, or is it too late?
Please give me some advice on how to contribute to a Roth IRA and explain investing in a simple way, like I’m in 5th grade.
Forgive my English as this is not my first language.
Thank you!
KathyI would transfer the 457 b into an Ira with fidelity or vanguard because usually those fees are high.
I would work on paying off debt and have a 6 month emergency fund but probably contribute $50-100 to a Roth IRA and buy low so500 fund.
My daughter has fidelity and buys fxaix
KarmaI’m 41 and just started a few years ago. I plan on retiring at 55. You have plenty of time!
MuhammadYou’re absolutely not too late, starting at 27 gives you a great head start for retirement in your 60s.
Since you have some debt, it’s wise to focus on paying off high-interest loans first (like credit cards or medical bills), but you can still begin small with a Roth IRA—even $50–$100/month makes a difference over time.
On the side, something that’s helped me is investing in e-commerce stores, they’re digital businesses that can bring in monthly income and be flipped later for higher returns.
It’s been a helpful way to build extra income slowly while I handle my financial goals.
Keep learning and taking small steps, you’re on the right path!
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